Sage has completed our review of the August 8 Executive Order related to COVID-19, and the subsequent guidance from the Treasury, and have developed instructions for you to use to defer payroll taxes in Sage BusinessWorks Payroll.
Before deciding to defer payroll taxes, we recommend talking with your CPA or financial advisor. If you choose to defer payroll taxes, here are some ways you may protect yourself and your employees when implementing the deferral:
Note: This amount may be paid back by withholding twice the normal amount between January 1 and April 30, 2021 or by any other means your organization decides.
For guidance on deferring U.S. payroll taxes in Sage BusinessWorks U.S. Payroll, see Sage Knowledgebase article 106585.
We are continuing to monitor changes to 941 and W2 reporting and will be updating our applications as changes are announced and finalized by the IRS.
Visit www.SageCity.com/Resources for additional options, including links to Sage Knowledgebase, Sage City and Sage University, as well as Chat and Online Case submission.